dutch คือ: นี่คือโพสต์ที่เกี่ยวข้องกับหัวข้อนี้
Table of Contents
What is a Dutch Auction?
A Dutch auction is a price discovery process in which the auctioneer starts with the highest asking price and lowers it until it reaches a price level where the bids received will cover the entire offer quantity. Alternatively, a Dutch auction is known as a descending price auction or a uniform price auction. Dutch auctions are appropriate for instances where a large quantity of an item is being offered for sale, as opposed to just a single item.
A Dutch auction can be used in an IPOInitial Public Offering (IPO)An Initial Public Offering (IPO) is the first sale of stocks issued by a company to the public. Prior to an IPO, a company is considered a private company, usually with a small number of investors (founders, friends, family, and business investors such as venture capitalists or angel investors). Learn what an IPO is to figure out the optimum price for a stock offering. They are also used by government agencies for the public offering of Treasury bills, notesCurrent DebtOn a balance sheet, current debt is debts due to be paid within one year (12 months) or less. It is listed as a current liability and part of, and bondsTrading & InvestingCFI’s trading & investing guides are designed as self-study resources to learn to trade at your own pace. Browse hundreds of articles on trading, investing and important topics for financial analysts to know. Learn about assets classes, bond pricing, risk and return, stocks and stock markets, ETFs, momentum, technical.
Dutch Auction Process
In the Dutch auction process for an IPO, the underwriterUnderwritingIn investment banking, underwriting is the process where a bank raises capital for a client (corporation, institution, or government) from investors in the form of equity or debt securities. This article aims to provide readers with a better understanding of the capital raising or underwriting process does not set a fixed price for the shares to be sold. The company decides on the number of shares they would like to sell and the price is determined by the bidders. Buyers submit a bid with the number of shares they would like to purchase at a specified bid price. A list is created, with the highest bid at the top. The company works down the list of bidders until the total desired number of shares is sold.
The price of the offering is determined from the last price covering the full offer quantity. All bidders pay the same price per share. A Dutch auction encourages aggressive bidding because the nature of the auction process means the bidder is protected from bidding a price that is too high.
Example of a Dutch Auction
Assume that the company, Compu Inc., is using a Dutch auction to price its shares for an IPO. The company is looking to sell a total of 400 shares in its IPO.
Bidders:
- Investor A places a bid for 200 shares at $300
- Investor B places a bid for 25 shares at $450
- Investor C places a bid for 500 shares at $100
- Investor D places a bid for 60 shares at $200
- Investor E places a bid for 100 shares at $150
- Investor F places a bid for 15 shares at $120
Placement:
- Investor B: 25 shares at $450 (400 – 25 = 375 shares remaining)
- Investor A: 200 shares at $300 (375 – 200 = 175 shares remaining)
- Investor D: 60 shares at $200 (175 – 60 = 115 shares remaining)
- Investor E: 100 shares at $150 (115 – 100 = 15 shares remaining)
- Investor F: 15 shares at $120 (15 – 15 = 0 shares remaining)
- Investor C: 500 shares at $100
In this example, the IPO would be priced at $120 per share because the last bid of 15 shares at $120 filled out the total number of shares that Compu Inc. is looking to offer. Investors B, A, D, and E would be able to purchase shares for $120 instead of their initial bids of $450, $300, $200, and $150, respectively. Investor C would be out because the number of shares is already filled.
Consider the same example but with different bid prices:
- Investor A places a bid for 100 shares at $300
- Investor B places a bid for 200 shares at $200
- Investor C places a bid for 200 shares at $200
Placement:
- Investor A: 100 shares at $300 (400 – 100 = 300 shares remaining)
- Investor B and C: 200 shares at $200 (300 – 400 shares total = -100 shares remaining)
Note that Investors B and C both placed a bid for 200 shares at $200 (400 shares in total). Therefore, at a price of $200, there is a demand for 500 shares (100+200+200). However, the company only wants to sell 400 shares. In this case, the company must figure out a way to allocate these shares. One way to resolve this problem is to take the percentage:
400 shares available / 500 shares demanded = 80%. Investors A, B and C would receive 80% of their requested shares:
- Investor A receives 80 shares at $200
- Investor B receives 160 shares at $200
- Investor C receives 160 shares at $200
Total shares issued: 400
Traditional IPOs and Underpricing
Setting a price for an IPO can be difficult. Traditionally, investment bankers (underwriters) would take the top management of the company on “roadshows” to meet with institutional investors and assess their interest in the IPO. These roadshows offered the underwriter an opportunity to market the stock in advance, thereby hopefully increasing demand for it, and also the opportunity to learn how much per share large, institutional investors were initially willing to pay for the stock.
However, setting a price for an IPO through roadshows is sometimes unreliable. For example, Twitter was priced at $26 for its IPO, based on gauging public interest at roadshows, but traded as high as $45 on the first day of trading. This is called mispricing, where the IPO is priced too low. The feedback the underwriter received from the roadshows was obviously misleading in terms of public interest in acquiring the stock.
A Dutch auction is used to minimize the increase between the offer price and the opening price of the offering (therefore minimizing underpricing). While it usually results in some bidders paying less for the stock than they were willing to, it at least protects the underwriter and the company from having to sell hundreds, or perhaps thousands, of shares at a ridiculously low price.
Google’s IPO: A Dutch Auction
In 2004, Google (NASDAQ: GOOG), now Alphabet Inc., decided to go with a Dutch auction IPO process. In its regulatory filings, Google’s documents stated: “Many companies going public have suffered from unreasonable speculation, small initial share float, and stock price volatility that hurt them and their investors in the long run,” and “we believe that our auction-based IPO will minimize these problems, though there is no guarantee that it will.”
Google (Alphabet Inc.) relied on a Dutch auction to minimize underpricing and to earn a fair price on its IPO. Although Google went public at $85 a share and climbed nearly 30% in two days to close at $108 a share, the IPO was considered a success due to the initial uncertainty in the effectiveness of a Dutch auction. At that time, many market analysts criticized the Dutch auction process. Many of them were afraid that investors would collectively submit a low bid and cause Google to open at an unfavorably low price. In hindsight, there is speculation on whether Google would have been able to set a higher opening price if it had gone the more traditional IPO route.
Read more from Market Watch about the reaction to Google’s dutch auction IPO.
Other Resources
CFI is a global provider of financial modeling courses and financial analyst certificationBecome a Certified Financial Modeling & Valuation Analyst (FMVA)®CFI’s Financial Modeling and Valuation Analyst (FMVA)® certification will help you gain the confidence you need in your finance career. Enroll today!. To continue developing your career theses additional CFI resources will be helpful:
- English Auction
English Auction
- Capital Raising Process
Capital Raising Process
- Equity Capital Markets
Equity Capital Market (ECM)
- Valuation Methods
Valuation Methods
[NEW] Dutch Auction | dutch คือ – NATAVIGUIDES
What is a Dutch Auction?
A Dutch auction is a price discovery process in which the auctioneer starts with the highest asking price and lowers it until it reaches a price level where the bids received will cover the entire offer quantity. Alternatively, a Dutch auction is known as a descending price auction or a uniform price auction. Dutch auctions are appropriate for instances where a large quantity of an item is being offered for sale, as opposed to just a single item.
A Dutch auction can be used in an IPOInitial Public Offering (IPO)An Initial Public Offering (IPO) is the first sale of stocks issued by a company to the public. Prior to an IPO, a company is considered a private company, usually with a small number of investors (founders, friends, family, and business investors such as venture capitalists or angel investors). Learn what an IPO is to figure out the optimum price for a stock offering. They are also used by government agencies for the public offering of Treasury bills, notesCurrent DebtOn a balance sheet, current debt is debts due to be paid within one year (12 months) or less. It is listed as a current liability and part of, and bondsTrading & InvestingCFI’s trading & investing guides are designed as self-study resources to learn to trade at your own pace. Browse hundreds of articles on trading, investing and important topics for financial analysts to know. Learn about assets classes, bond pricing, risk and return, stocks and stock markets, ETFs, momentum, technical.
Dutch Auction Process
In the Dutch auction process for an IPO, the underwriterUnderwritingIn investment banking, underwriting is the process where a bank raises capital for a client (corporation, institution, or government) from investors in the form of equity or debt securities. This article aims to provide readers with a better understanding of the capital raising or underwriting process does not set a fixed price for the shares to be sold. The company decides on the number of shares they would like to sell and the price is determined by the bidders. Buyers submit a bid with the number of shares they would like to purchase at a specified bid price. A list is created, with the highest bid at the top. The company works down the list of bidders until the total desired number of shares is sold.
The price of the offering is determined from the last price covering the full offer quantity. All bidders pay the same price per share. A Dutch auction encourages aggressive bidding because the nature of the auction process means the bidder is protected from bidding a price that is too high.
Example of a Dutch Auction
Assume that the company, Compu Inc., is using a Dutch auction to price its shares for an IPO. The company is looking to sell a total of 400 shares in its IPO.
Bidders:
- Investor A places a bid for 200 shares at $300
- Investor B places a bid for 25 shares at $450
- Investor C places a bid for 500 shares at $100
- Investor D places a bid for 60 shares at $200
- Investor E places a bid for 100 shares at $150
- Investor F places a bid for 15 shares at $120
Placement:
- Investor B: 25 shares at $450 (400 – 25 = 375 shares remaining)
- Investor A: 200 shares at $300 (375 – 200 = 175 shares remaining)
- Investor D: 60 shares at $200 (175 – 60 = 115 shares remaining)
- Investor E: 100 shares at $150 (115 – 100 = 15 shares remaining)
- Investor F: 15 shares at $120 (15 – 15 = 0 shares remaining)
- Investor C: 500 shares at $100
In this example, the IPO would be priced at $120 per share because the last bid of 15 shares at $120 filled out the total number of shares that Compu Inc. is looking to offer. Investors B, A, D, and E would be able to purchase shares for $120 instead of their initial bids of $450, $300, $200, and $150, respectively. Investor C would be out because the number of shares is already filled.
Consider the same example but with different bid prices:
- Investor A places a bid for 100 shares at $300
- Investor B places a bid for 200 shares at $200
- Investor C places a bid for 200 shares at $200
Placement:
- Investor A: 100 shares at $300 (400 – 100 = 300 shares remaining)
- Investor B and C: 200 shares at $200 (300 – 400 shares total = -100 shares remaining)
Note that Investors B and C both placed a bid for 200 shares at $200 (400 shares in total). Therefore, at a price of $200, there is a demand for 500 shares (100+200+200). However, the company only wants to sell 400 shares. In this case, the company must figure out a way to allocate these shares. One way to resolve this problem is to take the percentage:
400 shares available / 500 shares demanded = 80%. Investors A, B and C would receive 80% of their requested shares:
- Investor A receives 80 shares at $200
- Investor B receives 160 shares at $200
- Investor C receives 160 shares at $200
Total shares issued: 400
Traditional IPOs and Underpricing
Setting a price for an IPO can be difficult. Traditionally, investment bankers (underwriters) would take the top management of the company on “roadshows” to meet with institutional investors and assess their interest in the IPO. These roadshows offered the underwriter an opportunity to market the stock in advance, thereby hopefully increasing demand for it, and also the opportunity to learn how much per share large, institutional investors were initially willing to pay for the stock.
However, setting a price for an IPO through roadshows is sometimes unreliable. For example, Twitter was priced at $26 for its IPO, based on gauging public interest at roadshows, but traded as high as $45 on the first day of trading. This is called mispricing, where the IPO is priced too low. The feedback the underwriter received from the roadshows was obviously misleading in terms of public interest in acquiring the stock.
A Dutch auction is used to minimize the increase between the offer price and the opening price of the offering (therefore minimizing underpricing). While it usually results in some bidders paying less for the stock than they were willing to, it at least protects the underwriter and the company from having to sell hundreds, or perhaps thousands, of shares at a ridiculously low price.
Google’s IPO: A Dutch Auction
In 2004, Google (NASDAQ: GOOG), now Alphabet Inc., decided to go with a Dutch auction IPO process. In its regulatory filings, Google’s documents stated: “Many companies going public have suffered from unreasonable speculation, small initial share float, and stock price volatility that hurt them and their investors in the long run,” and “we believe that our auction-based IPO will minimize these problems, though there is no guarantee that it will.”
Google (Alphabet Inc.) relied on a Dutch auction to minimize underpricing and to earn a fair price on its IPO. Although Google went public at $85 a share and climbed nearly 30% in two days to close at $108 a share, the IPO was considered a success due to the initial uncertainty in the effectiveness of a Dutch auction. At that time, many market analysts criticized the Dutch auction process. Many of them were afraid that investors would collectively submit a low bid and cause Google to open at an unfavorably low price. In hindsight, there is speculation on whether Google would have been able to set a higher opening price if it had gone the more traditional IPO route.
Read more from Market Watch about the reaction to Google’s dutch auction IPO.
Other Resources
CFI is a global provider of financial modeling courses and financial analyst certificationBecome a Certified Financial Modeling & Valuation Analyst (FMVA)®CFI’s Financial Modeling and Valuation Analyst (FMVA)® certification will help you gain the confidence you need in your finance career. Enroll today!. To continue developing your career theses additional CFI resources will be helpful:
- English Auction
English Auction
- Capital Raising Process
Capital Raising Process
- Equity Capital Markets
Equity Capital Market (ECM)
- Valuation Methods
Valuation Methods
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นอกจากการดูบทความนี้แล้ว คุณยังสามารถดูข้อมูลที่เป็นประโยชน์อื่นๆ อีกมากมายที่เราให้ไว้ที่นี่: ดูความรู้เพิ่มเติมที่นี่
Acrylic Pour Brushes for Procreate | Basic Swipe with Cells Fluid Artwork in Procreate
Made using iPad Pro 2020 in the Procreate app with Apple Pencil using brushes from my Acrylic Pour brush set and colors from the accompanying palettes.
Acrylic Pour Brushes: https://alainajensen.gumroad.com/l/acrylicpour
Subscribe to my email newsletter and get access to my free resource library: https://alainajensen.com/homefreebie
Today, I’m really excited to do my very first demo using my brand new Acrylic Pour brush set for Procreate and what we will be doing in this demo is a very simple, basic swipe. There will be many future tutorials for these brushes using different techniques.
Canvas size is 3000 by 2000 pixels.
Specific Brushes Used:
Fluid Pour 2 Dual Color Tilt
Dutch Pour Blowout Blend Only
Swipe With Cells 2
For this demo, I’m going to be using the “Fluid Acrylic Brights” color palette that comes with the brush set this palette is also in my free resource library as well. We’re only going to use three of the brushes from the Acrylic Pour brush set.
First, we’re going to start out with Fluid Pour 2 Dual Color Tilt. We’re not actually going to use the dual color tilting function, we’re just going to put some colors down and splash them around. This brush is basically the equivalent of splashing paint onto a wet canvas that already has some white on it. I think I’m going to start out with some blues and work in a logical way from one color to the next, adding in some splatters.
Because this piece has purple and green and blue in it, I’m trying to not have the purple run into the green because I think that purple and blue go well together, and green and blue go well together, but purple and green can easily look muddy. To finish up this stage, I’m looking to see where there is any white and I’m adding some little bits of color in as much of this space as possible, so that we have some nice, bright, beautiful cells!
I’m going to switch to the second brush that I’ll be using Dutch Pour Blowout Blend Only. This brush is a blend only brush which means that if I have a layer by itself, then nothing happens. Because it’s a blender brush, I must use it on a layer where I have already added color. Before I start experimenting with this blender brush, I’m just going to duplicate it and turn the bottom layer off. I’ve been testing these brushes for a while now, and I have found that I enjoy trying a couple of different cell brushes or techniques and often find myself getting carried away, so it’s very handy to have a duplicate to fall back on if you want to start over in a new direction. We’re just going to blend things around a bit more, as if I was using a blow dryer or some other sort of heat or air tool on the paint of the canvas.
Whatever color you start the blender brush on, that same color that is going to smear around when you drag the pen.
The third and last brush that I will use in this tutorial is also a blendonly brush, and it’s called Swipe With Cells 2. This brush behaves as if you are swiping the paint whenever you have an acrylic pour. Cells start to appear based on what paint was underneath that’s why I wanted to have a lot of different colors under here to create texture popping up into our cells.
I will now show you two different methods of using this brush. The first is to go all in one direction by just swiping across the page, then repeating in the opposite direction. I’m swiping until the pen is off the canvas on the other side. You don’t need straight movements here.
To prepare for the second option, turn off the layer created with method one. Go back to the original layer, duplicate it, and then turn it on. This time (using the same brush), we’re going to go first in one direction and then in another direction. When we’re done, we’ll figure out which version we like best.
Sometimes going in opposite directions can give you some more interesting cell texture and contrast between colors. This is because you’re dragging one color in one direction and another color in another direction.
I think I’m going to go with the back and forth version I created using the second method. I’m going to use the liquify tool (available in Procreate under the magic wand adjustments menu). There are a lot of options, but one that we’re going to use is called “expand.” I’m going to use this tool to add some distortion, which in my opinion makes the piece look more realistic! I’m changing the sizing as I go depending on the look I like. As with the blender brushes, wherever you you put the tip of your pencil, that is the color that expands. I continue to use this technique as desired to add interest to the piece.
Thank you for watching this basic acrylic pour swipe technique using my new brush set hope that you enjoyed this tutorial – many more techniques to come, so stay tuned! Thank you so much for watching and I will see you next time.
Dutch Disease คืออะไร?
รู้หรือไม่ Dutch Disease คืออะไร? สำคัญกับชีวิตเรายังไง?
The Dutch Eagles – Lyin’ Eyes (DVD version)
The Eagles rockband of the Netherlands.
The Dutch Eagles playing at the Caprera Theatre, Bloemendaal, The Netherlands on August 1 2008
Track from DVD \”The Dutch Eagles Live at Caprera\”
(157) ‘Midnight’ Dramatic Simplistic Dutch 🌸 Bloom ~ #TLP
acrylicpouring fluidart simplisticbloom bloom
Hi guys! Thank you so much for being here 🥰
Today I am working on a 16” square canvas.
This was going to be a double video, however, unfortunately Youtube ”ate” my second video! I’ve no idea what happened during the upload the second video vanished! The close ups are still there weirdly just not the video from before that!
So I will just give you the colours I used for the bloom here.
Base: British Paints low sheen exterior wall paint in Black with a splash of GAC 800 added.
Colours:
TLP Indigo Waves
TLP Glisten
TLP Galaxy
Pebeo Iridescent Blue Black
Liquitex Pthalo Green
TLP pigments, silicone stir sticks and silicone pour mats can be purchased from https://fluidart.co/
All colours and pigments are mixed with untinted house paint and Jo Sonja varnish.
Please see video 92 for how I mix my colours (both pigments and tubes).
https://www.youtube.com/watch?v=ovlqWm_BOxw
CA (Cell Activator:
I used two today; Amsterdam Turquoise Blue
Atelier Metallic Pale Gold
Both were mixed with Aussie Floetrol.
I never measure ratios, I mix until it leaves a slight trace when drizzled from around an inch above the surface.
My hairdryer was bought from Kogan and the brand is Estelle, I used cool setting, low fan https://www.kogan.com/au/buy/estellemoistureprotecthighspeedionichairdryer/?utm_source=google\u0026utm_medium=product_listing_ads\u0026gclid=Cj0KCQjwm9yJBhDTARIsABKIcGYTjh4mXnWkkPQ8TU4PbzDleVUcjWICpVOlfhIHSFE0P0u2UoeaAaAp1YEALw_wcB
My style has changed and evolved dramatically since I took the Sheleeart ECourse and I can’t recommend it enough!
If you too would like to evolve your art and find your own style using knowledge gained from taking the course, head over to https://sheleeart.com.au/ and use my discount code of sheleeart15NDA to receive a 15% discount from the ECourse.
Add the code in the box where it says ‘coupon code’
Once joined you will get access to the private Sheleeart Facebook group where Shelee hosts regular live video classes, your learning will be unending! The course is currently in the process of being upgraded and thus there will be a price increase, so get in quick before then as you will also receive access to all the new classes.
Please subscribe to my channel (it’s free), also hit the thumbs up button (if you like it) and share the video with your friends. Please try and watch the entire video, I try and always keep my videos under 20 minutes. I have a tip jar, it’s definitely not expected, but if you’d like to tip any small amount would be greatly appreciated and will go towards buying more paint supplies. Thanks in advance it’s: paypal.me/Nikidfluidart
My lazy susan is glass and 20” which was purchased from Coles supermarket, they can also be sourced from variety/dollar stores. The heavier the spinner, the easier it will spin, I’d also suggest you get the largest one you can so you can easily use it for larger substrates too.
My metal spatulas are artist pallet knives, they can be purchased from https://fluidart.co/ or independent art stores.
Find me on Instagram: https://www.instagram.com/nikid.art/
Find me on Facebook: https://www.facebook.com/NikiDFluidArt
Thank you so much for watching, please like, share and please subscribe, it’s free.
Remember to hit the notification bell so you know when I upload a new video 😀
Take care, stay safe and I’ll see you soon 🥰
Music Credits: Epidemic Sounds
Created by InShot:https://inshotapp.page.link/YTShare
นอกจากการดูบทความนี้แล้ว คุณยังสามารถดูข้อมูลที่เป็นประโยชน์อื่นๆ อีกมากมายที่เราให้ไว้ที่นี่: ดูวิธีอื่นๆLEARN FOREIGN LANGUAGE
ขอบคุณมากสำหรับการดูหัวข้อโพสต์ dutch คือ